Agenda - Council Work Session - 09/21/2004

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Developer must submit to the City a description of the work the Developer has completed and mechanic's and rnateriahnen's lien waivers showing the Developer's full pa}anent for the completed work. The City's Engineer Yvill inspect the work identified in the Developer's request and report the results of his or her inspection to the City Administrator. The City Administrator will approve the reduction and the outstanding amount of the Letter of Credit when the City Administrator is satisfied, based on the Enomeers report, that the amount of the requested reduction accurately reflects the cost of the work the Developer has completed and paid for. The City will release the Letter of Credit when the Developer has completed the work the Letter of Credit secures and the City has inspected and accepted the work. If the Developer fails to obtain a required extension or renewal of a Letter of Credit at least ~hirty (30) days prior to the stated expiration date of a Letter of Credit, the Developer is in default in the performance of its obligation to obtain and provide the City with extensions or renewals of the Letter Of Credit and the City may dra~v on the Letter of Credit without providing the Developer with notice or an opportunity to cure. 43. Exhibit M is hereby added to the Master Development A~e. ement to read as follows EXHIBIT M CITY TOWN CENTER DISTRICT PROPERTY [Add legal and map depicting City Town Center District Property (legal will contain the future description once platted).] 44. Exhibit N is hereby added to the Master Development Agreement to read as follows: EXHIB IT N PARKING RAIV[P DEPICTION [Phase I Map Depicting Phase I Parking Ramp Location] 45. Exhibit O is hereby added to the Master Development Agreement to read as follows: EXHIBIT 0 MASTER GRADING PLAN SUPPLEMENT 46. Exhibit P' is hereby added to the Master Development Agreement to read as follows: EXHIBIT P PHASE I PAP, i{ING ~'%MP DEPICTION [Map depicting Phase I'I Parking Ramp] 1684445v3 1 ?